The hottest Portfolio Management Substack posts right now

And their main takeaways
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Data Update 2 for 2023: A Rocky Year for Equities

Musings on Markets • 839 implied HN points • 22 Jan 23
💰 Finance Portfolio Management
  1. 2022 was a tough year for stocks, with the S&P 500 dropping about 18%. Negative years are common in the stock market, reminding us that investing carries risks.
  2. Inflation was a major factor in the market's decline, impacting returns on stocks. Higher costs of living affected investors' expectations and how companies performed.
  3. Looking forward to 2023, expected returns on stocks are higher, around 9.82%. However, market conditions can change, making it important for investors to stay informed and adjust their strategies.

[2025–2026] Week 11: John Train's The New Money Masters

Behavioral Value Investor • 29 implied HN points • 19 Dec 25
💰 Finance Portfolio Management
  1. Investors must evolve their methods over time, moving beyond old bargain-only strategies to favor durable, high-quality businesses while still insisting on a clear margin of safety.
  2. Temperament matters: patience and the willingness to wait for the right opportunities are as important to long-term returns as intelligence, process, or experience.
  3. The seminar assigns reading The New Money Masters and practical work: map investors’ styles, pick your favorite and least favorite with reasons, create an AI prompt based on an investor, and share all answers in a single comment while engaging respectfully with others.

Value Investors: How To "Buy & Hold" Forever Despite ST Volatility

Value Investing Substack • 294 implied HN points • 25 Jun 23
💰 Finance Portfolio Management
  1. Value investors can create a low-volatility portfolio by combining Factor Investing with Value Investing
  2. Implementing a diversified portfolio of 20 stocks with >1:3 risk:reward can provide a 15% CAGR while minimizing downside volatility
  3. Staying disciplined, identifying stocks with high risk:reward ratio, and staying in cash until finding suitable opportunities are key strategies for value investors

2024 Annual Letter: Generational Company, Generational Wealth

Interconnected • 354 implied HN points • 02 Feb 25
💰 Finance Portfolio Management
  1. Investing in technology, especially in areas like AI and cloud infrastructure, can be a promising way to build wealth over time. It's important to focus on companies with strong fundamentals that are expected to grow for many years.
  2. Tariffs and geopolitical events can greatly impact investment strategies, so it's crucial to seek out portfolio positions that are less sensitive to such changes. This helps in managing risks and stabilizing returns.
  3. Building generational wealth means finding robust companies that will still thrive in the future. Personal experiences can shape how we view long-term investments and what makes a company worth investing in.

[2025–2026] Week 16: Investing Against the Tide by Anthony Bolton

Behavioral Value Investor • 7 implied HN points • 06 Feb 26
💰 Finance Portfolio Management
  1. John Neff’s large-cap value approach focused on stable, predictable businesses bought at low P/E ratios, yielding a high batting average, modest winners, small losses, and roughly a 3% annual edge over decades.
  2. This week’s assignment centers on Anthony Bolton’s Investing Against the Tide, with specific questions to map his investment style, link it to his background, and evaluate his best and worst picks.
  3. The seminar is designed to be interactive and practical: participants are asked to submit a single comment with answers, engage with others, and use extra resources like the 10‑Minute Investment Autopsy and the next reading to keep improving.
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Overview of Portfolio Construction and Risk Management, Part 2 of 2

DeFi Education • 579 implied HN points • 05 Mar 23
💰 Finance Portfolio Management
  1. Portfolio construction requires understanding different frameworks and methods to organize investments effectively. It's important to choose a strategy that fits your financial goals.
  2. Using leverage can be useful in certain situations, but it also increases risk. It's essential to know when it's appropriate to leverage your investments.
  3. Controlling risk with position sizing is crucial for managing your portfolio. By adjusting the size of your investments, you can better protect yourself against losses.

How AI Is Enhancing My Investment Process— and How It Can Help You

Behavioral Value Investor • 141 implied HN points • 01 Jul 25
💼 Business Portfolio Management
  1. AI can help save time and money in the investment process. This means you can do more in less time, making your investing easier.
  2. AI can be more efficient than humans at certain tasks. It can analyze data and find trends that might be hard for us to see.
  3. Using different AI models can improve your investment strategies. Experimenting with the latest tools can help you find better ways to invest.

Quant Letter: December 2025, Week-2

The Parlour • 21 implied HN points • 14 Dec 25
💰 Finance Portfolio Management
  1. Reinforcement learning and other AI methods are increasingly used for investment decisions, portfolio optimization, and pricing, with a clear push toward simpler, explainable, and reliable strategies rather than black-box complexity.
  2. Researchers are building better risk models for tail events, jumps, and volatility calibration to capture heavy-tailed returns and interest-rate dynamics, aiming for more accurate pricing and stable capital allocation under stress.
  3. Open-source tools and model-evaluation frameworks are accelerating automation and workflow in quant finance, but the rise of algorithmic and passive trading is also heightening systemic risks, especially in emerging markets.

Index funds: everything you need to know

Concepts of Finance 🧠 • 199 implied HN points • 27 Oct 23
💰 Finance Portfolio Management
  1. Index funds are a way to invest in a group of stocks without having to pick individual ones. They are designed to follow a certain market index, making them a good choice for beginners.
  2. Investing in index funds usually costs less than actively managed funds, and they are less volatile over time. This means they can offer a safer investment option with decent returns.
  3. Index funds can be bought easily through brokerage accounts, and they often have low barriers to entry. This makes them accessible for everyday investors looking to grow their money.

Overview of Portfolio Construction & Risk Management - Owl and Iguana

DeFi Education • 1398 implied HN points • 12 Nov 21
🔮 Crypto Portfolio Management
  1. When building a crypto portfolio, it's important to balance between keeping your money safe, growing your investments, and managing your emotions. This helps ensure you're making smart decisions.
  2. It's smart to have a good chunk of your portfolio in Bitcoin and Ethereum before diving into other high-risk projects. This way, you can still benefit from their growth while taking some risks with other assets.
  3. Understanding the volatility of your investments can help you decide how much to invest in each asset. More volatile assets might require smaller investments to manage risk and avoid big losses.

What is a Mutual Fund?

Concepts of Finance 🧠 • 339 implied HN points • 03 May 23
💰 Finance Portfolio Management
  1. A mutual fund combines money from many people to invest in things like stocks and bonds. This way, even if one investment doesn't do well, everyone shares the impact, reducing risk.
  2. There are different types of mutual funds, like equity funds for stocks and bond funds for fixed income. Each type focuses on different investments to suit various goals.
  3. People like mutual funds because they simplify investing. Instead of picking individual stocks, investors can buy a piece of many investments at once and still have the potential for good returns.

Optimism & Fear

Things I Didn't Learn in School • 117 implied HN points • 30 Jun 23
💰 Finance Portfolio Management
  1. There are optimists and pessimists on Wall Street, correlating to equity and bond investors.
  2. Over time, optimists have been more right than wrong, especially in holding US stocks.
  3. A perfect investment portfolio combines the fears of bond investors with the optimism of equity investors.

Under The Hood Of Kima Ventures

Venture Prose • 1058 implied HN points • 03 Jul 20
💼 Business Portfolio Management
  1. Kima Ventures, led by Xavier Niel, focuses on investing in French tech founders worldwide.
  2. Their investment strategy involves making $150k investments in 100 new startups annually, with a particular focus on French tech founders.
  3. Kima Ventures aims to stay with companies for the long haul, providing support through their portfolio management platform and maintaining steady returns.

My Investing Philosophy

Spilled Coffee • 124 implied HN points • 29 Jan 25
💰 Finance Portfolio Management
  1. Reading investment books helped shape my investing strategy over time. It's important to learn from different sources and experiences.
  2. I consistently invest in an S&P 500 index fund every month. This approach has helped me stay focused on long-term growth without getting caught up in market fluctuations.
  3. Having a high conviction strategy means holding onto a few strong stocks instead of constantly buying and selling. Patience has often led to better investment outcomes for me.

Ahead of the (Yield) Curve

Pivotal • 132 implied HN points • 04 Dec 24
💰 Finance Portfolio Management
  1. The story highlights the importance of adapting to changing market conditions. The team learned they needed to pivot their strategies quickly to stay ahead in trading.
  2. Building successful trading systems requires not just good math, but also understanding market behaviors and managing risks effectively. The approach taken focused on quickly executing trades to capitalize on market noise.
  3. Competition plays a big role in financial markets. As more players adopted similar strategies, the initial advantages of their system decreased, emphasizing the need to continuously innovate.

Investing Update: 1st Half Recap & 2nd Half Outlook

Spilled Coffee • 44 implied HN points • 05 Jul 25
💰 Finance Portfolio Management
  1. The stock market is performing well, with major indices like the S&P 500 hitting all-time highs recently. It's a great time for investors with most sectors showing positive performance.
  2. July is typically a strong month for the market, and historical data suggests that it may continue to be positive this year. Many investors look forward to this trend every July.
  3. In the first half of the year, certain commodities like platinum and gold have excelled, while some stocks have drastically underperformed. It's important to keep an eye on market shifts and adjust investments accordingly.

Investing Update: 2024 Recap & 2025 Outlook

Spilled Coffee • 112 implied HN points • 04 Jan 25
💰 Finance Portfolio Management
  1. The S&P 500 had a strong year in 2024, finishing with a gain of 23.3%. It was one of the best years for the stock market since the late 90s.
  2. Many stocks performed well, like Nvidia and Palantir, while others like Boeing and Nike struggled significantly. Investors are keeping a close eye on these ups and downs.
  3. Although not as high as 2023, the actively managed portfolio outperformed the S&P 500 with a return of 49.5%. This shows a consistent trend of good investment decisions.

Investing Update: A Look At My Portfolio

Spilled Coffee • 84 implied HN points • 22 Feb 25
💰 Finance Portfolio Management
  1. The stock market has been having a tough time lately, especially on Fridays, which have seen significant drops. It's important to pay attention to these patterns when investing.
  2. The Magnificent 7 stocks aren’t performing as well this year compared to last year, suggesting a shift in market dynamics. Other sectors might be starting to pick up the pace instead.
  3. The current bull market is still young, but it's showing strong returns. Statistically, bull markets that reach their third year tend to continue for quite a while, which could mean more growth ahead.

It's 2026 and life is still messy

Klement on Investing • 4 implied HN points • 02 Jan 26
💰 Finance Portfolio Management
  1. Prefer experimental and empirical evidence over abstract economic theory, because investing should be based on how the world actually behaves.
  2. Markets and economies are messy, complex social systems with many second‑ and third‑round effects, so simple “ceteris paribus” models and daily market noise often mislead.
  3. Use a clear rhythm for thinking: focus on ESG, deep economic and finance topics midweek, and lighter, quirky economic takes on Fridays, while staying curious and ready to challenge assumptions.

38 stock ideas for 2024.

Jon’s Newsletter • 39 implied HN points • 30 Dec 23
💰 Finance Portfolio Management
  1. Investing in sectors like industrials, materials, and financials is recommended for good returns. Companies in these areas often generate high cash flow and have strong dividends.
  2. Some experts believe that consumer staples and financial stocks will do better in 2024 as they can benefit from lower interest rates and inflation-related price increases.
  3. It's a good idea to consider mid-sized companies and precious metals for investment, as they may have better valuations and growth potential amid an uncertain economic environment.

2025 Portfolio Results

Subsack • 4 implied HN points • 04 Jan 26
💰 Finance Portfolio Management
  1. The portfolio delivered strong returns (about 28% YTD) and beat the S&P by roughly 10%, with healthy CAGR and Sharpe, but remained closely tied to the market (beta ~1.05) and a tariff-driven drawdown lowered the Kelly %.
  2. Holdings are split into a risk-on sleeve of thematic growth baskets (AI, pharma, semiconductors, crypto, etc.) and a risk-off sleeve of low-volatility, high-dividend assets, rebalanced quarterly; position sizing uses Hierarchical Risk Parity with a denoised correlation matrix which improved outcomes versus other weighting methods.
  3. Planned improvements include moving to Interactive Brokers for broader market access, mining simple low-volatility/high-Sharpe strategies with VectorBT and probabilistic Sharpe analysis, and adding tools like earnings-call sentiment, options panels, and a bio-pharma catalyst strategy to enhance edge.

Investing Update: Any Fuel Left In This Rally?

Spilled Coffee • 28 implied HN points • 19 Jul 25
💰 Finance Portfolio Management
  1. The stock market is doing really well, with the S&P 500 reaching new highs and showing significant growth this year.
  2. Inflation rates are stable, with recent numbers coming in lower than expected, which is a positive sign for the economy.
  3. There's a lot of interest in tech stocks that have lagged behind lately, and people are paying close attention to ETF investments, especially in crypto.

What happens if we apply KCOR to financial markets?

Steve Kirsch's newsletter • 2 implied HN points • 11 Jan 26
💰 Finance Portfolio Management
  1. A fully algorithmic, long-only U.S. large-cap equity strategy was derived from the KCOR framework and designed for low turnover, no leverage, and tax efficiency with only two tunable parameters.
  2. A 2000–2025 hypothetical backtest shows very large compounded returns and final equity growth, but it also involved extreme volatility, deep drawdowns, and the results are unaudited and not guaranteed.
  3. Live trading began with preliminary gains but the track record is short, the strategy remains high-risk and may underperform, and any investment interest is being directed to accredited or qualified investors only.

In tech we trust?

Jon’s Newsletter • 39 implied HN points • 24 Sep 23
💰 Finance Portfolio Management
  1. The stock market has seen a drop recently, with tech stocks struggling more than others. Investors are worried about rising interest rates and potential recession.
  2. Despite the downturn, some experts believe investing in tech can lead to growth in the long run. Companies in tech can adapt and thrive even during tough economic times.
  3. Certain tech stocks, like Apple and Microsoft, are still seen as good investments due to their potential for continued growth and strong market positions.

Portfolio Update & 3 Stocks I'm Comparing

Spilled Coffee • 24 implied HN points • 19 Jun 25
💰 Finance Portfolio Management
  1. The stock market isn't reacting strongly to geopolitical issues between Iran and Israel, which shows bullish behavior. It seems to be holding steady near all-time highs, suggesting investor confidence.
  2. The market has managed to ignore negative news, both from tariffs and geopolitical risks, proving to be resilient, like a 'teflon' stock market.
  3. There are three stocks being considered for potential purchase, and a decision will be made on whether one, none, or all three are worth buying.

Portfolio Update

Spilled Coffee • 36 implied HN points • 27 Jan 25
💰 Finance Portfolio Management
  1. A move was made in the portfolio that is worth sharing. It's an important update that could impact future decisions.
  2. The information shared in this post is exclusive to paid subscribers, so it's intended for those who support the content.
  3. Engaging with updates like this can help subscribers stay informed about new developments in the portfolio.

Fund Size is Strategy - Extreme Power Law Will Make Portfolio Company Conflicts a Relic of the Past

Venture Reflections • 13 implied HN points • 23 Jul 25
💼 Business Portfolio Management
  1. Larger venture funds need to invest in the biggest winning companies, which may lead to conflicts of interest with portfolio companies.
  2. The traditional norm of avoiding investments in competing companies might fade away as firms seek to secure positions in top-performing startups.
  3. Founders generally prefer that their investors don't back competing companies, but large funds might ignore this preference if it conflicts with their investment strategies.

Quant Letter: January 2025, Week-4

The Parlour • 34 implied HN points • 23 Jan 25
💰 Finance Portfolio Management
  1. Advanced models like the MDQR help understand market dependencies, which can make it easier for traders to create effective strategies.
  2. New methods for portfolio optimization can handle many assets at once, moving beyond the traditional limits that were previously in place.
  3. Research shows AI can effectively forecast financial risks and rewards, highlighting the growing importance of technology in finance.

Investing Update: Has Sentiment Shifted? 

Spilled Coffee • 32 implied HN points • 18 Jan 25
💰 Finance Portfolio Management
  1. The stock market had a positive week, with notable gains in the S&P 500, Nasdaq, and Dow indexes. This followed a strong inflation report that boosted investor confidence.
  2. Inflation is still a concern, with recent CPI readings showing slight increases. The new presidential administration will face challenges related to managing this inflation.
  3. Hedge funds performed well in 2024, with many beating the S&P 500's strong return. Personal portfolio gains were significantly high, leading to discussions about future investment strategies.

Beating The S&P By 34.9%

QTR’s Fringe Finance • 9 implied HN points • 24 Jul 25
💰 Finance Portfolio Management
  1. The portfolio has been doing really well, beating the S&P 500 by almost 35%.
  2. Most of the stocks in the '25 Stocks To Watch For 2025' list are performing positively this year.
  3. Investors should pay attention to the strong performance of psychedelics and other stocks that are significantly outperforming the market.

Quant Letter: November 2024, Week-4

The Parlour • 21 implied HN points • 27 Nov 24
💰 Finance Portfolio Management
  1. Quanto options pricing can be improved using a mix of models that handle various aspects of finance and asset behavior. This could help in more accurate predictions and simulations.
  2. Hedge funds adapt their activist strategies to align with the preferences of major investors, leading to better results when trying to influence company decisions. This emphasizes the importance of understanding stakeholder interests.
  3. Simple machine learning models can sometimes outperform more complex ones when it comes to predicting financial markets. This shows that less can be more in data analysis.

Portfolio Update

Spilled Coffee • 20 implied HN points • 12 Dec 24
💰 Finance Portfolio Management
  1. The author added to an existing investment in a debated stock. It's important to keep track of ongoing discussions in the market.
  2. This update is specifically for paid subscribers, suggesting exclusive insights for them. It highlights the value of being a paid member.
  3. Stay engaged with financial updates and portfolio changes to make informed decisions. Regular updates can help you understand market movements better.

Picking Stocks Is Hard

Spilled Coffee • 20 implied HN points • 06 Nov 24
💰 Finance Portfolio Management
  1. Picking stocks is really tough because most of the returns come from a tiny number of stocks. It means many investors, even pros, often lose money.
  2. About two-thirds of stocks don't do as well as the overall market. This makes it harder for investment managers to pick winning stocks.
  3. Over 90% of active fund managers struggle to beat their benchmarks over ten years. It shows just how challenging stock picking really is.

Footwork at Year 2

next big thing • 76 implied HN points • 13 Apr 23
💼 Business Portfolio Management
  1. Footwork is an early-stage venture capital firm focused on making a handful of new investments each year.
  2. Their portfolio includes companies like Table22, Via, and Cradlewise, with a focus on diversity and close partnerships with founders.
  3. Despite market fluctuations, Footwork remains excited about new investments, with a specific interest in AI, climate tech, and education models.

Investing Update: Hedge Fund Buys & Holdings

Spilled Coffee • 16 implied HN points • 23 Nov 24
💰 Finance Portfolio Management
  1. The stock market is doing really well recently, with all major indices up for the week. The S&P 500 is up 25.1% and the Nasdaq is leading with a 26.6% increase this year.
  2. Historically, there's a trend of market rallies during November and towards the end of the year. Many investors are looking forward to a possible Thanksgiving rally and the annual Santa Claus Rally ahead.
  3. Some data shows that less than half of the S&P 500 stocks are trending up, which could indicate some weakness. However, the current low percentage of large-cap stocks down 20% or more suggests investors are still optimistic.